Swiss Market Ends Slightly Higher
2024-09-18
4860
(fxcue news) - The Switzerland market shrugged off early weakness and moved modestly higher on Friday, tracking positive global cues.
Investors continued to cheer Swiss National Bank's interest rate move, in addition to digesting U.S. personal consumption expenditure data.
The benchmark SMI ended with a gain of 24.43 points or 0.2% at 12,234.05, after moving in a tight range between 12,188.25 and 12,255.95.
SIG Group gained about 4%. Straumann Holding and Adecco climbed 3.6% and 3.4%, respectively. Richemont gained 2.67% and Swatch Group ended 2.5% up.
Julius Baer and Lindt & Spruengli gained 1.9% and 1.85%, respectively. Alcon, Sonova, Sika, Partners Group, Roche Holding and Nestle ended up 0.4 to 1.1%.
Adecco gained about 3.4% after Moody's affirmed the company's Baa1 lon-term issuer rating, with a stable outlook, citing solid operating performance and conservative financial structure.
SGS ended down nearly 2.5%. Holcim closed lower by about 2.1%. ABB and Sandoz Group lost 1.7% and 1.1%, respectively. Zurich Insurance Group and Lonza Group ended modestly lower.
Data from U.S. Commerce Department said its personal consumption expenditures (PCE) price index inched up by 0.1% in August after rising by 0.2% in July. The uptick matched expectations. The report also said the annual rate of growth by the PCE price index slowed to 2.2% in August from 2.5% in July. Economists had expected the pace of growth to slow to 2.3%.
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